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Home > Programme description > Curriculum SyllabusDescriptions of specific courses are provided below. Click on a course name to read its description. Financial Reporting under IFRS, with comparison to US GAAP and Polish Accounting RegulationsIntroduction to AccountingThis course is designed to acquaint students with accounting conventions and issues and to develop the ability to evaluate and use accounting data. This module introduces the preparation of financial statements and the concept of double-entry which is a necessary foundation for further studies.Accounting TechniquesThe mechanics of financial accounting and the overall effect of alternative accounting procedures on published financial reports are examined in detail. Topics include an introduction to international financial reporting practices, and an introduction to financial statement analysis.Emphasis is placed on the linkages between accounting information and management planning, decision-making, and control. Emphasis is also placed on using financial reports to assess the economic condition of a company and to understand the effects of financial reporting choices. A comparison to Polish Accounting Regulations will be made. Advanced techniques such as Deferred Tax, Group Accounts, Leasing, Financial Instruments, Cash Flow Statements, Related Party Transactions will be covered. Financial Reporting and AnalysisA study of current practices in corporate financial reporting and fundamental theoretical issues, which relate to asset valuation and income determination. Emphasis is placed on financial statement analysis and the interpretation of existing financial disclosures with particular attention to: the purchase of a business entity; the valuation of shares and the reorganisation of an entity; the impact of changes in accounting policies and the regulatory framework on shareholder value; business performance of the entity including quantitative and qualitative measures of performance and the potential for corporate failure; the effectiveness of corporate governance within the entity.Financial StrategiesStatistical Methods for Management DecisionsThis course concentrates on both the synthesis and analysis of interactive management factors using statistical methods. The areas covered include: elementary probability; random variables; measures of central tendency, dispersion and covariance; sampling and sampling distributions; central limit theorem; confidence intervals; probability values; tests of hypotheses; simple and multiple regressions; partial and multiple correlation. The emphasis will be on applications and interpretations for management decisions.Money Markets and Security AnalysisThis course provides an overview of the major players, institutions, and instruments on the money market. It covers in detail a variety of theories and techniques that are useful in the money market and, more generally, on the fixed income securities market. These include: pricing money market securities; analysing various investment and borrowing strategies; modelling interest rates and spreads; pricing repurchase agreements and futures contracts; undertaking simple arbitrage, speculation and risk management strategies.This topic looks at those financial factors determining the value of securities. The course analyses financial statements for appraising prospective earnings and dividends, as well as the risks surrounding their achievement. Techniques for estimating the risk structure of companies are analysed and compared. InvestmentsA comprehensive study of investment theory. Emphasis is placed on optimal portfolio selection; the determinants of expected rates of return on financial markets; and the evaluation of relevant empirical research. Major attention is devoted to the capital asset pricing model and the arbitrage pricing theory. Special topics such as performance evaluation and trading costs will also be covered.Financial Planning for Mergers and AcquisitionsThis course discusses motivations and strategies; valuation; friendly and hostile purchases of businesses; sales of businesses; takeover defence; leveraged re-capitalisations and buyouts; legal, accounting and tax considerations from both a domestic and international perspective. Emphasis will be placed on identifying schemes for restructuring, and the issues involved in the decision process.Foreign Exchange and Interest Rate Risk ManagementThis course examines international financial markets, institutions, and instruments. Topics include the nature of foreign exchange risk; the determination of spot and forward exchange rates and interest rates; the returns to foreign investments in external currency and on bond and stock markets; the management of foreign exchange risk with forward markets and foreign currency option markets; the dynamics of balance of payments with a focus on understanding international capital flows, country debt and exchange rate fluctuations. This course will emphasize financial risk management using external methods of hedging.International Financial DecisionsThis course primarily uses a case-approach to analyse a variety of decisions in the international financial environment. Topics include multinational capital budgeting (including determination of the costs of capital and project evaluation in an international environment); performance evaluation and control of a foreign subsidiary; the international debt crisis; debt-equity swaps, capital flight; debt forgiveness; international portfolio management; new instruments of international finance; political risk management; managing in a hyperinflationary country.Management AccountingManagerial Accounting 1This introductory study involves the application of cost accounting and techniques to solving business problems. It emphasises the system of internal reporting through the application of costing and managerial information systems in a variety of situations and for a variety of reasons.Topics include budgeting, standard costing, cost allocation and working capital management. The course emphasises solutions to particular types of problems and the structural evolution of costing systems for management planning and control in business. Managerial Accounting 2This course provides skills in the analysis of accounting data. This is the kind of analysis which would be applied to various planning, control and decision-making situations at a strategic level. Management accounting is viewed as part of the business information system. Because of this, risk and uncertainty in decision-making are incorporated and their impact on controllability in budgeting and variance analysis is assessed.Topics include transfer pricing, just-in-time procedures, activity-based costing and activity-based management, and advanced variance analysis. An in-depth analysis of performance measurement is made. Information Management and AuditInformation Technology and Knowledge Management(a) Information Technology - This course assesses the contribution made by information systems in the achievement of an organisation’s goals and objectives, as well as the procedures for the development and use of computer-based systems. It goes on to study the link between IT strategy and other strategies in the organisation and specifically focuses on the effective management and the contribution of IT to the enhancement of business performance.(b) Knowledge Management - This is a practical session on the process of gathering and using knowledge for the preparation of a SWOT analysis in an organisation known to the student, preferably at his/her place of work, and then present a 1,000 word paper with recommendations for an implemented solution. During the session, students will have the opportunity to access the EY/Knowledge Web and Ernst & Young Online. Project Management(a) Fundamentals of Project Definition The objective of the course is to introduce the basics of project definition and planning and apply the concepts to participants’ real-life projects. The perspective adopted is that of a senior executive in the role of the project sponsor.Topics to be addressed include: basic concepts of project management, conditions for effective project management, overview of the project management process, identifying the need for a project, setting project objectives, identifying project deliverables, developing the work breakdown structure (WBS), sequencing project activities, identifying project stages. Course participants are expected to develop project plans to be presented during the subsequent session “Fundamentals of Project Planning and Control”. (b) Fundamentals of Project Planning and Control The objective of the course is to review the work done by participants and provide knowledge in project planning and control. Topics to be covered include: review and critique of participants’ project plans, risk management, identifying project resources, scheduling with the critical path method, the role of project management software, project management roles, responsibilities and requirements, basics of project control. The concepts taught are immediately applied to participants’ real-life projects. Internal and External AuditThis course focuses on the review and control of operations in an organisation. It therefore examines the design, installation and maintenance of appropriate processes. Topics include the audit process, the organisation of the audit department, the role of the internal and external auditor in relation to corporate governance, control evaluation, sampling techniques and reporting results in a meaningful way.Emphasis is given to the identification, assessment and management of risk at various levels of the organisation, identifying opportunities to add value to the organisation, and the role of the internal audit function in providing a service to management, as well as the respective responsibilities of company management and the external auditor in relation to the financial statements. Management Skills and Managerial EconomicsMacro and Micro Economics Applied in Strategy FormulationThe major objective of this course is firstly to familiarize decision makers with the basic micro and macro-economic concepts. Secondly, to show decision-makers how both of these concepts can be utilized and applied in the managerial, as well as, in the strategic decision-making process.(a) micro-economics and its applications to managerial decisions and strategy formulation. Topics analysed include demand and supply analysis, elasticity and consumer choice, production and output decisions, costs, perfect competition, game theory, oligopoly, monopolistic competition, agency theory, imperfect information, and firm organization. (b) macro-economics and the role of government’s intervention in the market, i.e.analyzing aggregate markets and economic information, the role of the government in an economy, and how government policies affect the level and growth rate of national output, interest rates, unemployment, inflation, market failure etc. Management SkillsOrganizations are more complicated than most appliances, and understanding how they work takes more than memorizing simple platitudes. Practices that worked well in the past will not necessarily continue to work well in the future. This is why the course takes a dynamic approach to analyze organizations and management from different perspectives.The purpose of the course is to improve student’s effectiveness as managers by introducing them to frameworks from the social sciences that are useful for understanding organizational processes and teaching them how to apply those frameworks to particular situations. This course enables to increase student’s appreciation of human resources as most important and critical assets and to improve their ability to manage subordinates and cooperate with people in organizations. This course also focuses on the influence of the marketplace and the environment on decision-making in marketing; the determination of the company’s products, prices, channels, and communication strategies; and the company’s system for planning and controlling its marketing effort. International aspects of marketing decisions will also be discussed. Tax and Legal EnvironmentsPolish Business LawThe course will focuse on Polish legal system and civil law from the managerial point of view considering the managers’ needs to implement day-to-day decision-making. It covers general principles and institutions of the law of obligations, paying particular attention to the most typical and also the most distinctive types of contracts including the consumer contracts.The limited liability company (sp. z o.o.), the joint-stock company (S.A.) and the meaning of separate legal personality will be looked at in detail. The legal requirements when establishing a company will be examined. The course covers the meaning of initial capital and the financing of companies, the running of a company business and company representation. These will include examining an overview of the legal obligations of management in relation to the running of the company business and its representation, and company meetings. The course outlines the principles which govern employment contractual relationships. Polish TaxIn this course the objective is to develop knowledge and an understanding of the core areas of tax related to businesses and their employees. It focuses on the operation of the Polish tax system and on the computation of the tax liability of companies and individuals. The principles of VAT and the impact of social security contributions (ZUS) on employees and employers are also reviewed. |
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Executive Studies in Finance
Focus building Al. Armii Ludowej 26 00-609 Warszawa tel. (22) 579-80-00 fax (22) 579-80-01 ESF@pl.ey.com www.ey.com.pl/ESF |
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